Europe Summary and Highlights 1 November

European morning session

The USD gained ground against the JPY and the EUR through the European morning, but GBP managed a small recovery and the AUD held its own. USD/JPY rose 30 pips to 152.70, and ER/USD lost 20 pips to 1.0855. The biggest loser was the CHF, which fell sharply after weaker than expected Swiss October CPI data, which rose 0.6% y/y against a market consensus of 0.8%. EUR/CHF gained 25 pips to 0.9425, and USD/CHF gained 40 pips to 0.8680.

Equities were generally stronger on the morning, with bond yields mostly little changed, suggesting that some of the equity decline on Thursday may have been end of month related.